General Dynamics to buy Jet Aviation | Aviation International News

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General Dynamics to buy Jet Aviation

Gulfstream Aerospace parent company General Dynamics has agreed to pay approximately $2.25 billion to buy Jet Aviation from the Permira Funds private-equit

By Charles Alcock • Managing Editor

August 28, 2008

Gulfstream Aerospace parent company General Dynamics has agreed to pay approximately $2.25 billion to buy Jet Aviation from the Permira Funds private-equity group. Subject to antitrust legal approval, General Dynamics’ acquisition of all Jet Aviation stock should be complete by year-end after Permira subsidiary Dreamliner Lux signed a SwF2.45 billion purchase agreement on August 19.

Permira bought Jet Aviation in October 2005 for an undisclosed sum (understood at the time to be in the region of $700 million) from its private shareholders (mainly the Hirschmann family). Earlier this year, there were rumblings that Permira intended to resell the company, but neither Permira nor Jet Aviation would confirm these reports at the time.

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